Mr. Lorcan O'Connor:

To be clear on that and in the context of secured debt in bankruptcy, in the event that bankrupt persons wish to stay in the home, in the majority of cases they will have greater capacity to service their mortgages than would have been the case before going into bankruptcy. This is because they no longer have to pay credit cards, credit unions or anything else for that matter. However, it may or may not be sufficient for the secured lender to be happy that they remain in the home in that situation. What certain creditors stated before this committee is that they will not allow somebody to retain an asset in the context where a debt write-down is required. In the event that somebody were to go bankrupt and hand back the keys, that is where bankruptcy means bad news for a secured creditor vis-à-visa PIA.